BENSALEM, PA–Gebroe-Hammer Associates has completed the trade of a $26.5 million garden-style apartment complex here, representing both buyer and seller, whose identities were not disclosed.
G-H's Joseph Brecher arranged the sale of Country Commons, a 352-unit income-restricted complex at 3338 Richlieu Rd.
“This well-maintained, well-located property presented an extraordinary opportunity for the right investor, who recognizes the unique long-term performance potential of a HUD property,” said Brecher. He said the buyer's multi-family portfolio includes a mix of HUD and market-rate properties.
“Privately owned income- and age-restricted multi-family properties are rather 'hot' right now since they are characteristically well-occupied,” Brecher said.
The 41-year-old buildings are located just north of Philadelphia in a suburban neighborhood with highly-rated schools and a diverse employment market.
Country Commons complex includes 24 two-story buildings with a mix of one-, two- and three-bedroom layouts. Each unit has a private entrance, oversized closets, balconies or patios, air conditioning, dishwasher and microwave.
On-site amenities include a swimming pool, community and laundry rooms, playgrounds and a basketball court. The complex was recently updated with new windows, roofs and deck/balcony railings.
Bensalem Township is the largest municipality in Bucks County. It is situated at a transportation crossroads, 30 minutes from Philadelphia International Airport and a short commute to Trenton and Princeton, NJ. New York City, Atlantic City, Allentown and Reading, PA are all within with a two-hour drive.
The township also is home to the Cornwells Heights SEPTA station, the largest park-and-ride in the state of Pennsylvania.
Gebroe-Hammer is based in Livingston, NJ.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
